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"Attention: Credit Union Members," state the bold red letters in a newspaper ad. "Has your credit union assessed multiple overdraft charges when you believed you had a sufficient balance?" The ad by the Michael B. Serling law firm seeks victims of "multiple overdraft charges" much like the Birmingham firm advertises to help victims of mesothelioma and lung cancer caused by asbestos exposure...

If you’ve got a problem with your bank’s overdraft fees, you should say something. That’s what U.S. Sen. Cory Booker recently did. In letters to 13 bank CEOs , the New Jersey Democrat asked for details about their overdraft practices, efforts to convince customers to join overdraft protection programs and reliance on overdraft fees as a source of income. One of his key concerns: Only a small...

While some officials in Washington indicate support for making substantial changes to the Consumer Financial Protection Bureau, voters who are familiar with the agency are split largely along party lines about whether its rule-making and enforcement authority should be curbed, according to a new Morning Consult/POLITICO poll. Of the 1,976 registered voters surveyed in a Sept. 7-11 poll , 23...

WASHINGTON — Since 2010, the federal government has been the nation's primary student lender. But the incoming chairman of the Consumer Bankers Association says the government's record as a credit provider leaves much to be desired. “We believe we have the expertise” to underwrite student loans “better,” said Brad Conner, vice chairman of consumer banking at the $150 billion-asset Citizens Bank...

The president of a top banking group on Tuesday criticized both parties for not installing a bipartisan commission to lead the Consumer Financial Protection Bureau, a Republican goal long opposed by Democrats fond of bureau's current director, Richard Cordray. Richard Hunt, president and CEO of the Consumer Bankers Association, said both parties are to blame for failing to spread the CFPB’s power...

Richard Cordray continues to leave Washington guessing about whether he’ll resign from the Consumer Financial Protection Bureau to run for governor of Ohio, but there’s little mystery over whether he’ll be replaced by a single director or multiple commissioners. Republicans have seemingly abandoned years of effort to restructure the CFPB into a multi-member commission, and Democrats seem to have...

Square is expected to apply for an Industrial Loan Company (ILC) bank charter this week, according to American Banker and other sources. Like SoFi, who is busy trying to do the same thing, their attempt will also face competitive resistance. In June, Richard Hunt, president and CEO of the Consumer Bankers Association (CBA), told deBanked that in the case of SoFi, “The whole world is evolving,...

CINCINNATI/WASHINGTON Sept 4 (Reuters) - The head of the U.S. consumer watchdog will discuss his agency’s work at one of the country’s largest Labor Day gatherings on Monday and simultaneously stoke major doubts about its future. Democrat Richard Cordray, appointed head of the Consumer Financial Protection Bureau by former President Barack Obama, is widely expected to enter Ohio’s governor race...

The chairman of the House Financial Services Committee wants a definitive answer to a question that both he and Consumer Bankers Association president and chief executive officer Richard Hunt have been asking for some time: Is Consumer Financial Protection Bureau director Richard Cordray departing the regulator to run for governor in Ohio? Rep. Jeb Hensarling, the committee chair and Texas...

WASHINGTON — With the election of President Trump, the nation’s consumer watchdog agency faced a quandary: how to shield the Obama-era institution from a Republican administration determined to loosen the federal government’s grip on business. In the weeks after the election, Richard Cordray, the Democrat who leads the agency, the Consumer Financial Protection Bureau , directed his staff to...